Less than a third of business leaders consider AI a strategic priority, says IMI
AI is not currently a strategic priority among most business leaders in Ireland according to new research from the Irish Management Institute (IMI).
The IMI Leadership Barometer surveyed senior business leaders in Ireland from private, public and semi-state organisations across a wide range of sectors including technology, food/agriculture, utilities, banking, finance, professional services, legal, healthcare, logistics, construction and others. The research provides key insights into the attitudes and priorities of senior decision makers as they navigate a shifting business environment and the rise of disruptive new technologies.
The report found that only 30% of business leaders consider AI a strategic priority. Many organisations are still in an experimentation phase with the technology, with 40% of leaders stating that they are testing the technology in areas of their business. A further 30% of decision makers reported struggling to keep pace with rapid advancements in the technology, reflecting a clear need for upskilling and education in the technology among business decision makers.
With businesses continuing to face the impact of a tight labour market, attracting and retaining highly skilled talent is set to continue as a top concern for decision makers, according to the findings of the Barometer. More than a third (36%) of leaders said that retaining top talent was set to become more difficult over the coming months. More than half (54%) believed that retaining talent will remain challenging in the next 12 months.
Despite these challenges, business leaders in Ireland were generally confident about their capacity to navigate change. Findings revealed that 84% of senior leaders were reasonably confident about their capacity to achieve core business objectives over the next 12 months. Only 4% of decision makers stated their organisation was fully prepared to overcome obstacles and unlock business growth over the months ahead.
Leadership and management capabilities were the top business priority for senior decision makers, indicating clear awareness among leaders of the importance of strengthening skills in this rapidly evolving landscape. Future workforce skills/ways of working and technology from a business perspective made up the top three most important areas on leaders’ business agenda for the coming months.
Shane O’Sullivan, CEO of the IMI (pictured), said: “It’s clear from the findings of the Barometer that many leaders are still at an early phase of engagement with AI technology. Despite growing levels of experimentation with the technology, our research shows most decision makers have yet to form clear AI strategies. Enhancing leaders’ AI skills and capabilities will be crucial to fully harnessing the potential of the technology and understanding how it can support their business objectives. As these capabilities grow, we expect AI to accelerate up the business agenda.
“With economic indicators suggesting a competitive labour market is set to continue over the next 12 months, our research reveals significant concerns among decision makers regarding attracting and retaining top talent. Given these challenges, it is crucial that leaders evolve their talent management strategies to meet the evolving needs of their workforce from new ways of working to upskilling programmes and employee compensation.”
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